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                                                                                                                                                                          1. 主页 > 港股 > 行业资讯 > 再融资、减持规模骤降 可以缓解IPO发行常...

                                                                                                                                                                            再融资、减持规模骤降 可以缓解IPO发行常态化冲击吗?

                                                                                                                                                                              再融资新政与减持新规“升级版”的先后出炉,对资本市场的影响深远。然而,随着系列政策的逐渐发力,也在市场中得到了积极的体现。

                                                                                                                                                                              根据经济参考报的数据整理,今年上半年A 股合计196家上市公司实施了定向增发,合计募集资金3846.56亿元,再融资总规模略超4500亿元。与之相比,去年同期定向增发规模却高达7736.43亿元,定增再融资规模骤然下降,而再融资新政的影响力也有所体现。

                                                                                                                                                                              至于上市公司减持方面,今年上半年上市公司净减持规模135.28亿元,较去年同期大幅缩水。但,在减持新规“升级版”落地之际,A股重要股东减持套现的意愿依旧明显,累计套现规模仍然为数不少。

                                                                                                                                                                              不可否认,时至目前,再融资新政以及减持新规“升级版”的先后出炉,确实起到了一定程度上的影响作用,对A股市场起到了正面积极的影响。

                                                                                                                                                                              其中,前者大幅提升了上市公司再融资的准入门槛,且设置了一些具有针对性约束限制条件,对上市公司再融资的抽血力度大幅削弱。至于后者,减持新规“升级版”吸取了此前的减持新规经验教训,且堵住了大宗交易等变相减持的渠道,更有针对性减缓了上市公司重要股东的减持压力。

                                                                                                                                                                              但,在实际情况下,你有张良计我有过墙梯,在再融资渠道上,可转债发行规模明显提升,可转债的需求获得了一定程度上的提升。至于减持渠道方面,上市公司重要股东不仅采取了组合式减持的策略,而且还会妙用协议转让等途径,试图从一定程度上化解减持新规“升级版”的冲击压力。

                                                                                                                                                                              虽然不能够完全堵住上市公司再融资以及减持的需求,这也不符合市场化的发展趋势,但再融资新政以及减持新规“升级版”的作用效果还是比较明显的。然而,在实际情况下,市场更关注的,似乎仍是IPO的发行问题。那么,再融资、减持规模骤降,可以缓解IPO发行常态化的冲击吗?

                                                                                                                                                                              时下,A股市场基本上实现了一周一批次的发行节奏,实现了IPO发行常态化的格局。从今年以来的市场数据分析,今年上半年IPO融资规模已经达到了去年的水平,较去年同期出现了大幅度增长的状况。由此可见,现阶段A股市场的重心依旧在IPO堰塞湖的泄洪任务上,并通过减缓再融资以及减持规模,来达到缓解IPO发行常态化的冲击影响。

                                                                                                                                                                              不可否认,如今A股市场属于IPO新规模式,即取消了预缴款申购机制,取而代之的是中签后再缴款的形式。与此同时,结合再融资新政以及减持新规“升级版”的合力影响,也将会大大减缓IPO发行常态化的冲击压力,间接利好于A股市场。

                                                                                                                                                                              从近两年的A股市场表现来看,基本上维持在一个区间位置展开窄幅震荡的格局。或许,在抑制资产泡沫以及延续降杠杆化的大环境下,适度维系股市投资与融资功能,已经是符合多方利益的最佳结果。

                                                                                                                                                                              一方面是IPO发行的提速,并实现新时期下IPO发行常态化的局面;另一方面则是通过再融资新政以及减持新规“升级版”来达到减缓股市抽血压力的负面冲击,间接起到稳定市场的作用,这也是如今A股市场的真实写照,而市场指数维持在相对稳定的运行区域,并阻止了市场发生系统性风险的冲击压力,这也是符合市场多方的共同利益。

                                                                                                                                                                            文章来源:微信公众号郭施亮

                                                                                                                                                                            (责任编辑:王雪冰 HF074)

                                                                                                                                                                            文章来自:http://www.wm927.com/hkstock/information/2017/0704/92101.html

                                                                                                                                                                            融资 减持 规模 骤降 可以 缓解 发行 常态化 冲击 


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